Bill Text: NJ S1922 | 2014-2015 | Regular Session | Introduced
Bill Title: Permits small, women owned, or minority owned businesses located in designated regional centers or planning areas to qualify for loans from EDA as if located in designated urban center.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-04-28 - Introduced in the Senate, Referred to Senate Economic Growth Committee [S1922 Detail]
Download: New_Jersey-2014-S1922-Introduced.html
Sponsored by:
Senator LORETTA WEINBERG
District 37 (Bergen)
SYNOPSIS
Permits small, women owned, or minority owned businesses located in designated regional centers or planning areas to qualify for loans from EDA as if located in designated urban center.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the financing of certain businesses located in areas designated as "regional centers" or as "Planning Area 1" in the State Development and Redevelopment Plan and supplementing P.L.1974, c.80 (C.34:1B-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. As used in this act:
"Authority" means the New Jersey Economic Development Authority established by section 4 of P.L.1974, c.80 (C.34:1B-4).
"Qualified business" means a business that qualifies, under criteria established by the authority, as a small, woman-owned or minority-owned New Jersey-based business, manufacturer, redeveloper, or non-profit organization.
"Regional center" means an area designated as a "regional center" in the State Development and Redevelopment Plan adopted pursuant to the "State Planning Act," P.L.1985, c.398 (C.52:18A-196 et al.).
"Urban center" means an area designated as an "urban center" in the State Development and Redevelopment Plan adopted pursuant to the "State Planning Act," P.L.1985, c.398 (C.52:18A-196 et al.).
2. In the case of any undertaking by which the authority makes direct loans to qualified businesses located in an urban center that are unable to obtain funding from conventional sources, notwithstanding the assistance of an authority guarantee, the authority shall include within such an undertaking qualified businesses located in a regional center or in an area designated pursuant to P.L.1985, c.398 (C.52:18A-196 et seq.) as Planning Area 1 (Metropolitan).
3. This act shall take effect on the 60th day after the date of enactment, but the New Jersey Economic Development Authority may take such anticipatory administrative action in advance thereof as shall be necessary for the implementation of this act.
STATEMENT
This bill requires that in the case of any undertaking by which the New Jersey Economic Development Authority (EDA) makes direct loans to qualified businesses located in an area designated as being an "urban center" in the "State Development and Redevelopment Plan," the EDA shall include qualified businesses located in areas designated in the plan as being a "regional center" or metropolitan "planning area." Accordingly, qualified businesses in regional centers or metropolitan planning areas would be permitted to receive direct loans under a program by the EDA entitled the "Urban Plus Program."
A "qualified business" means a business that is established by the EDA as a small, woman-owned, or minority-owned New Jersey-based business, manufacturer, redeveloper, or non-profit organization that is unable to obtain funding from conventional sources, notwithstanding the assistance of an EDA guarantee.
